JJB moves onto AIM

WIGAN-based sportswear firm JJB has moved its shares off the Official List of the London Stock Market and onto the junior Alternative Investment Market.

The move follows the successful completion of a £65m fundraising via a placing and open offer of its shares supported by its four key investors – Invesco, Bill & Melinda Gates Foundation, Crystal Amber Fund and Harris Associates.

However, their support means that they own a combined 86% of JJB shares – above the 75% threshold required to remain on the main market.

JJB chairman Mike McTighe said: “The finalising of our £65m capital raising marks the completion of JJB’s financial restructuring which has been made possible by the backing of our stakeholders across the business. I would like to take this opportunity to thank them for their support.

“Our attention will now turn to delivering the operational turnaround of JJB which, as we have said previously, is a three-to-five year programme.

“There is much work to be done but we now have the platform in place to deliver. We have a great management team that is excited about the future for this company and we are confident that a great opportunity lies ahead.”